(US & Canada) | We Revisit Business Needs First for Making Technological Cuts — Infocepts Founder and CEO

Shashank Garg, Founder and CEO at Infocepts, speaks with Robert Lutton, VP at Sandhill Consultants, and Editorial Vice Chair at CDO Magazine, in a video interview about the need to cut down on irrelevant technology and how Infocepts impacts businesses by helping them invest in generative AI capabilities.

Infocepts enables improved business results through more effective use of data, AI, and user-friendly analytics.

Garg begins the discussion by stating that organizations need to realize the quantity of technology they have bought in the name of modernization. He adds that CEOs, data leaders, and business leaders must show strong leadership and rationalize decisions based on their validity.

Adding on, Garg states that with the reduction in the technology cycle from 10 years to 3 years, organizations now have relatively new technological purchases that are redundant. Therefore, organizations must revisit the business need and reimagine the best way to make technological cuts.

Parallelly, he advocates that it is not always necessary to completely replace the legacy data stack with the modern data stack, especially if the legacy technology is still working. However, Garg cautions against sticking with technologies that do not work as per current needs just because the cost of modernization is high.

At this point, organizations need partners who come in with programs like enterprise product support, enabling clients to support some legacy products, he says. Infocepts provides its support at a much lower cost so that organizations can invest in change management or innovation.

When asked about the impact of Infocepts on businesses, Garg elaborates with examples. First, he mentions scenarios where clients were able to get rid of technology worth $1–$3 million that was sitting idle as organizations had invested in new technology.

Sharing another example, he refers to an e-commerce retailer that utilizes digital assets. He adds that if the retailer has 50,000 products on the site, the product descriptions should appeal to buyers globally.

In this case, the same product description that a team of copywriters writes does not work for people belonging to different cultural sensibilities. This is where the retailer can use generative AI to write half a million hyper-personalized product descriptions instead of 50,000, at a quarter of the original cost.

Furthermore, it could also lead to a 2-5% revenue lift because of hyper-personalization. Many client-facing businesses are repeating the same patterns, he adds.

Then, Garg takes the instance of a pharmaceutical firm where a field force of 500 people is selling a drug. The selling process includes influencing a doctor to prescribe the drug. While the sellers proceed with the detailing sheet, the doctors may want a more flowy conversation.

Moreover, in the area of pain management, where new research is constantly happening through regular structured processes, data curation eats up massive amounts of time. By using generative AI capabilities of summarization and articulation, organizations could take data from old detailing sheets and combine them with new research.

Continuing, Garg emphasizes that some of the competitor data may be available in the public domain that the doctor has access to, which will lead to an engaging conversation around products and clients’ problems.

He states that the job of that sales professional is to have an engaging conversation that the doctor remembers, which causes revenue to rise.

In conclusion, Garg encourages people to read a whitepaper by Infocepts CIO, Subhash Kairi, “The Top 5 Data and AI Initiatives to Drive Business Growth in 2024 and Beyond.” He also urges data leaders to review the company’s offerings, including Discovery AI, Employee 360, and Insights IQ, as they address the challenges discussed in the conversation.

CDO Magazine appreciates Shashank Garg for sharing his insights with our global data community.

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(US & Canada) | We Revisit Business Needs First for Making Technological Cuts — Infocepts Founder and CEO

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